Tether denies exiting a $500 million cryptocurrency mining project in Uruguay

According to a report by Jinse Finance and disclosed by Cointelegraph, Tether has denied local media reports about its exit from the $500 million cryptocurrency Mining project in Uruguay. It was previously reported that Tether's facilities in Uruguay had been shut down due to an unpaid electricity bill of approximately $4.8 million. In response, Tether stated that the reports do not accurately reflect the actual situation and that the local operating company is actively negotiating with the government to resolve the differences. Although electricity prices in Uruguay are relatively high in the Latin American region (approximately $60-180 per megawatt-hour), Tether emphasized that it will continue to assess the best development path in Uruguay and surrounding merchandise.